SK Innovation recognized for green transformation strategy

By Park Jae-hyuk, The Korea Times - SK Innovation’s “green transformation” strategy has been noted as superior to those of the company's competitors by a foreign academic citing its high feasibility, the company said Wednesday.

Kannan Ramaswamy, a professor at Arizona State University's Thunderbird School of Global Management, expressed the opinion during a teleconference last Friday, regarding a case study analyzing global peers of the Korean petrochemical firm.

This was the second intensive study on SK Innovation following one last year which the professor reflected for an in-depth comparative analysis.

During the teleconference, Ramaswamy analyzed SK Innovation’s green transformation strategy, identifying its differences from the strategies of similar companies.

The strategy, he noted, is more feasible due to the company’s entrepreneurial spirit.

“SK Innovation is one of the companies that is firmly pursuing large-scale changes toward an eco-friendly energy future,” the professor said. “The willpower to implement this is reflected throughout the company, including its company-wide vision and business strategy.”

Global petrochemical companies having business structures, history and goals similar to those of SK Innovation were selected as peers to be evaluated for comparison. They were analyzed on two axes — concentration of eco-friendly strategies and diversity of portfolios.

“Despite the company’s identity as a petrochemical company, it announced a bold vision to reduce its carbon footprint in 2030 and achieve net zero by 2050,” Ramaswamy said. “Within just a few years, SK Innovation showcased clear business results in the eco-friendly field, demonstrating a true corporate innovation.”

He praised the company for its management system and corporate culture that inspired its employees.

The professor explained that SK Innovation is pursuing a two-track strategy that strengthens the efficiency of existing businesses and expands new businesses based on its diversified portfolio. He added that this resulted from the company's continued exploration of sustainable profitability for fuel-based businesses and future business options.

“A rapid business model transition is taking place in all SK Innovation-affiliated business areas, such as SK On and SK IE Technology’s business expansion into mobility and SK Geo Centric securing chemical recycling technology,” he said.

SK Innovation said it was pleased with the recognition that its green transformation strategy has received from global scholars.

“As we have shared the results and meaning of the analysis with all members of SK Innovation, we will develop a strategy based on the analysis’s findings and will further accelerate this implementation,” the company said.

Source: https://www.koreatimes.co.kr/www/tech/2023/11/419_362806.html

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